WINNIPEG, MB, Dec. 4, 2024
/CNW/ - FuelPositive Corporation (TSX.V: NHHH) (OTCQB: NHHHF) (the
"Company") is pleased to announce a new financing (terms
outlined below) which will enable the Company to advance towards
the activation of its first system and the commencement of revenue
generation. This funding, with existing commitments from a
dedicated long-term shareholder and new investors, including
Manitoba-based farmers, will allow
the Company to complete the final phase of pressure vessel
certification, secure third-party engineering certifications, and
move forward with the final step: connecting the system to
Manitoba's green grid.
"The unwavering support from our investors has been instrumental
in driving us closer to realizing our vision for the future of
sustainable agriculture," stated Ian
Clifford, Co-Founder, CEO and Board Chair of FuelPositive.
"This milestone highlights the transformative potential of our
technology to address key challenges in farming, energy
sustainability, and beyond."
FuelPositive is also actively applying for significant
provincial funding in Manitoba to
cover the remaining activation costs and help transition the
Company into revenue generation. In connection with the
application, the founders have engaged a diverse network of
supporters across government, academia, farming, and the
agricultural industry, receiving many endorsements from leading
experts and farmers across Canada.
These collaborations underscore FuelPositive's innovative system's
broad appeal and ability to contribute to sustainable development,
clean energy adoption, and global food security.
The Company remains dedicated to its mission of delivering
groundbreaking solutions. It is grateful for its stakeholders'
continued confidence and backing, who have played a pivotal role in
bringing this revolutionary technology to life.
Terms of the Offering:
FuelPositive Corporation will offer (the "Offering") up
to 26,666,667 units (each, a "Unit") by way non-brokered
private placement at a price of $0.03
per Unit for gross proceeds of up to $800,000. Each Unit will consist of one
common share of the Company and one common share purchase warrant
(each, a "Warrant"). Each Warrant will be exercisable
at a price of $0.05 for a period of
sixty months, provided that in the event the ten-day
volume-weighted average closing price of the common shares of the
Company on the TSX Venture Exchange exceeds $0.40, the Company will have the right to
accelerate the expiry of the Warrants.
The Company has received initial commitments of over
$300,000 for the Offering and expects
to complete the offering on or before December 31, 2024. The Company intends to
utilize the gross proceeds from the Offering to address current
outstanding payables incurred in the ordinary course of business
and to provide working capital to sustain operations and bring the
Manitoba-based system to
activation. Except for compensation to directors and officers
of the Company in the ordinary course of business, the Company does
not anticipate any portion of the proceeds of the Offering will be
utilized for payments to non-arms-length parties or persons engaged
in investor relations activities.
The Company also announces that it will settle (the "Debt
Settlement") outstanding indebtedness totaling $278,940.51 through the issuance of a further
9,298,017 Units at a deemed price of $0.03 per Unit. The Indebtedness is owing
by the Company to certain arms-length suppliers and was incurred in
connection with the ongoing operations of the Company.
All securities issued in connection with the Offering and the
Debt Settlement will be subject to restrictions on resale for a
period of four-months-and-one-day in accordance with applicable
securities laws. In connection with completion of the
Offering, the Company may pay finders' fees to eligible
third-parties who have assisted in introducing subscribers to the
Offering. Completion of the Offering and the Debt Settlement
remain subject to the approval of the TSX Venture Exchange.
About FuelPositive Corporation
FuelPositive is leading the future of agriculture with the
world's first farmer-owned, on-farm Green Ammonia production
systems. The Company's modular and innovative technology offers a
predictable, reliable, and affordable solution for directly
producing green fertilizer and fuel on-farm, reducing reliance on
external supply chains.
Groundbreaking AgTech and Green Energy:
FuelPositive's containerized Green Ammonia production systems
are transforming the Green Ammonia industry by decentralizing
production. This new fertilizer production approach aims to empower
farmers to generate green nitrogen fertilizer and carbon-free fuel
on-site, ensuring stable costs and supply. Each ton of ammonia
produced by FuelPositive systems eliminates up to 2 tons of CO2e
emissions, providing an environmentally sustainable solution that
is also easily accessible and remotely monitored, enabling farmers
to focus on their operations without added complexity.
First System Delivery: A Milestone in Sustainable
Agriculture:
In June 2024, FuelPositive
delivered its first commercial system, the FP300, to Tracy and Curtis
Hiebert's 11,000-acre grain farm near Sperling, Manitoba. This milestone marks a
significant advancement for both FuelPositive and sustainable
agriculture. The system activation this fall will further
demonstrate the transformative impact of the Company's technology
on farming practices, driving a more sustainable future.
Manitoba: A Global Center of
Excellence:
FuelPositive is positioning Manitoba as a leader in
decentralized Green Ammonia production. The Company's
vision includes establishing a world-leading manufacturing hub that
will generate highly skilled engineering, science, and trade jobs
and contribute to the local economy over the coming years.
See sales details here:
https://fuelpositive.com/sales/.
FuelPositive Corporation is based in Ontario and Manitoba
(Canada) and trades on the TSX Venture Exchange under the
symbol NHHH and in the USA on the
OTCQB under the symbol NHHHF.
Cautionary Statement
Trading in the securities of the Company should be considered
highly speculative. No stock exchange, securities commission or
other regulatory authority has approved or disapproved the
information contained herein. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accept responsibility for the
adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain "forward-looking information"
and "forward-looking statements" (collectively, "forward-looking
statements") that are based on expectations, estimates and
projections as of the date of this news release. The information in
this release about future plans and objectives of the Company are
forward-looking statements.
These forward-looking statements are based on assumptions and
estimates of management of the Company at the time they were made
and involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by the Company as of the time of such
statements, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. These
estimates and assumptions may prove to be incorrect.
Many of these uncertainties and contingencies can directly or
indirectly affect and could cause, actual results to differ
materially from those expressed or implied in any forward-looking
statements. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements.
Forward-looking information is provided to provide information
about management's expectations and plans relating to the future.
The Company disclaims any intention or obligation to update or
revise any forward-looking information or to explain any material
difference between subsequent actual events and such
forward-looking information, except to the extent required by
applicable law.
SOURCE FuelPositive Corp.
